Stocks that Float: TANKERS & DRY BULK SHIPPERS

[xanadu90]

GM Stuffit. Fight over the chairmanship of TUI/Hapag Lloyd containership company at the Annual Meeting yesterday resulted in John Frdriksen's defeat. He got 42,6 % of the votes, and the present chairman of the board Juerge Krumnow got over 57%. Fredriksen wants to spin off Hapag-Lloyd from TUI, a travel company. "You do not make money with tourism" he says.

JF has accused Krumnow for inefficiency in managing Hapag-Lloyd (world's fifth largest container shipper, 140 ships), which is true. €1000 invested in H-L in the 90's is ca €800 now.

Knowing Fredriksen he will not leave it there.

"We will be back" said Tor-Olav Trøim, his "right hand"